Das (Wasted) Kapital : : Firm Ownership and Investment Efficiency in China / / David Dollar, Shang-Jin Wei

• Autore: Dollar David
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2007
• Descrizione fisica: 1 online resource (40 p.)
• Disciplina: 332.11
• Soggetto topico: Business enterprises - China - Finance - Econometric models; Corporations - China - Finance; Corporate Finance; Labor; Macroeconomics; Taxation; Industries: Manufacturing; Labor Economics: General; Multinational Firms; International Business; Business Taxes and Subsidies; Industry Studies: Manufacturing: General; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Labour; income economics; Multinationals; Public finance & taxation; Manufacturing industries; Foreign corporations; State equity participation; Manufacturing; Labor economics; Economic theory
• Soggetto geografico: China Economic conditions 20th century; China, People's Republic of
• Altri autori: WeiShang-Jin
• Note generali: At head of title: Research Department.; "January 2007."
• Nota di bibliografia: Includes bibliographical references (p. 19).
• Nota di contenuto: Contents; I. Introduction; II. Conceptual Framework; III. Data; IV. Statistical results; V. Conclusion; References; Tables; 1. Firm Classification by Actual Ownership versus Registration; 2. Sources of Financing for Working Capital by Ownership Type; 3. Sources of Financing for Investment by Ownership Type; 4. Summary Statistics of VA/K Ratio; 5. Average Revenue Product of Capital and Ownership; 6. Average Returns to Capital: Adding Firm Size [ln(employment)]; 7. Summary Statistics of Marginal Revenue Product of Capital; 8. Marginal Revenue Product of Capital ((VA- wL)/K) and Ownership ; 1. City Fixed Effects from Regression of ln(VA/K)2. City Fixed Effects from Regression of ln(VA/K)
• Sommario/riassunto: Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China with firm-level accounting information for 2002-2004, this paper examines the presence of systematic distortions in capital allocation that result in uneven marginal returns to capital across firm ownership, regions, and sectors. It provides a systematic comparison of investment efficiency among wholly and partially state-owned, wholly and partially foreignowned, and domestic privately owned firms, conditioning on their sector, location, and size characteristics. It finds that even after a quarter-of-century of reforms, state-owned firms still have significantly lower returns to capital, on average, than domestic private or foreign-owned firms. Similarly, certain regions and sectors have consistently lower returns to capital than other regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its investment intensity by 5 percent of GDP without sacrificing its economic growth (and hence deliver a greater improvement to its citizens' living standard).
• Titolo autorizzato: Das (Wasted) Kapital
• ISBN: 1-4623-2153-4; 1-4527-2288-9; 1-283-51381-1; 9786613826268; 1-4519-1026-6
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788412803321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2007/009